Navneet Publications CP

CRISIL has reaffirmed its `P1+' rating, indicating very strong position, assigned to the Rs 10-crore commercial paper programme of Navneet Publications (India) Ltd. The rating factors in the favorable financial risk profile of the company as characterised by high profitability, comfortable liquidity position and capital structure, as well as NPIL's strong brand equity and market position in its main business of printing and publishing of educational aid books.

The offsetting factors are NPIL's limited diversity outside Maharashtra and Gujarat and the high dependence of its educational aid books business on the State government's policy initiative.